Foreign investors may have to pay large fees before buying Australian residential real estate or businesses, the government has announced.
PM Tony Abbott said the government was proposing a range of civil penalties and fees linked to foreign investment.
Property prices are a hot button issue in Australia, especially in Sydney, and there are claims foreign investment is artificially boosting house prices.
But Mr Abbott conceded there was not enough data on this issue.
He also ruled out reviewing Australia’s negative gearing rules, which some property analysts say also fuel property prices.
Negative gearing is when an investment generates a negative cashflow and allows the investor to claim tax deductions.
